Market Overview

The market for the yttrium market is expected to grow at a CAGR of more than 4% during the forecast period. Major factors driving the market studied is demand from ceramic manufacturers and growing market for flat panel displays.

  • Increasing Applications in the Defense Sector is likely to act as an opportunity.
  • Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.



Key Market Trends

Increasing demand for High Temperature Refractories

  • Yttrium oxide is used in many applications in the refractory field. The application range includes the use as a compound for applications that require stability at high temperatures.
  • Yttrium oxide, along with the CaO, MgO, and BN is considered as aspirant materials for insulator coating, due to its extremely high-temperature stability up to 2,200?C.
  • Owing to the increased iron and steel production, coupled with the increasing construction activities in the country, the demand for high-temperature refractories are increasing significantly.
  • High-temperature refractories are majorly used in the iron and steel industry, including the usage in internal linings of furnaces to make iron and steel, furnaces for heating steel before further processing, vessels for holding and transporting metal and slag, in the flues or stacks through which hot gases are conducted, and others.
  • In petrochemical refineries, refractories are used in a wide range of applications, such as fired heaters, fluid catalytic cracking units, gasifiers, hydrogen gas plants, reformers and cracker furnaces, sulfur recovery units, and many others.
  • In chemical manufacturing plants, refractories find major applications in carbon black plants, coke calcining plants, elemental sulfur plants, ethanol plants, fertilizer plants, gasification plants, and sulfuric acid plants, among others.
  • With the increasing demand for power generation and refining capacities, along with the increased consumption of various chemicals, the demand for various refractory materials is likely to grow in the country during the forecast period.



China to Dominate the Asia-Pacific Region

  • China is the world’s largest producer and consumer of yttrium products. In terms of consumption, China alone accounts for more than 40% share of the yttrium oxide market in the Asia Pacific.
  • Due to the presence of a large number of reserves of the rare earth metal, the country is also a key producer of yttrium metal and yttrium oxide.
  • As most of the reserves and mines of yttrium oxide are concentrated mainly in China, the product has limited international trade.
  • However, the Chinese government is unable to clamp down illegal yttrium mining and the expectation of imposing further restrictions on yttrium exports is forcing the end-users to explore newer avenues to meet the impending supply shortages.
  • All the aforementioned factors are likely to increase the demand for the market over the forecast period.



Competitive Landscape

The yttrium market is fragmented. Some of the major players include Goring Rare Earth Corporation Limited, Metall Rare Earth Limited, Alkane Resources Ltd, and Nippon Yttrium Co. Ltd, among others.

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